Inventory Still Down, Prices Still Up
With new listings decreasing steadily while pending and sold homes continue to rise inventories of homes have dropped to levels not seen since 2006. This is creating a seller’s market and, in many close-in neighborhoods, new listings are getting multiple offers with average prices going up in many areas. Even suburban markets are returning to balanced levels.
This localized home inventory report helps give context to the metro statistics that often make headlines. Real estate is a local affair and this report shows which parts of town and which types of property are selling and which ones are sitting. Inventory is figured in months with 6 months being balanced, less than 6 months favoring sellers and more than 6 months favoring buyers. I use current active listings and 6 months of sold data from the RMLS to create this report.